Stockholders' Equity |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2021 | |||
| Equity [Abstract] | |||
| Stockholders' Equity |
PUBLIC OFFERING
In January 2021, the Company completed an underwritten registered public offering of 5,660,000 shares of common stock at a public offering price of $41.00 per share. The Company received approximately $232.1 million in gross proceeds from the public offering, and approximately $221.4 million in net proceeds after deducting the underwriting discount and offering expenses paid by the Company. The Company’s Chief Executive Officer and one other officer participated in the offering by selling a total of 550,000 shares of the Company’s common stock from the exercise of the underwriter’s option to purchase additional shares. The public offering was made pursuant to the Company’s automatic shelf registration statement on Form S-3 filed with the SEC on January 6, 2021 and prospectus supplement dated January 7, 2021.
STOCK OPTIONS
During the three months ended March 31, 2021, the Company issued an aggregate of 15,522 shares of the Company’s common stock pursuant to the cashless exercise of options.
STOCK WARRANTS
During the three months ended March 31, 2021, the Company issued an aggregate of 239,202 shares of the Company’s common stock pursuant to the exercise of warrants at an exercise price of $4.25 for aggregate net proceeds of $999,540.
During the three months ended March 31, 2021, the Company issued 66,000 shares of the Company’s common stock representing a modification of the initial warrant exercise pursuant to a legal settlement. See Note 9 – Commitments and Contingencies – Litigation and Disputes for details.
STOCK-BASED COMPENSATION
The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three months ended March 31, 2021 and 2020 of $414,060 and $227,361, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of March 31, 2021, there was $4,252,540 of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of 2.57 years. |